Bermuda

Apollo reinsurance buyout bets on calmer waters

28 August 2018

The private equity group paid $2.6 bln for Aspen Insurance, less than expected. Hurricanes and wildfires have weakened small reinsurers, offering a chance to raise premiums. Even then, Apollo will have to contend with bigger players squeezing prices, and avoid more disasters.

Swiss treasure helps AXA pay for XL folly

10 April 2018

The French insurer is restructuring its Swiss life insurance business, freeing up $2.6 bln of capital. The move provides some extra funding for its $15 bln takeover of Bermuda reinsurer XL. Reduced financial risk is welcome, but doesn’t help justify what remains a pricey deal.

AXA pays XL premium to insure more stable future

5 March 2018

The French insurer is offering $15.3 bln for Bermuda-based XL to beef up coverage of storms and other catastrophes. Cost savings don’t even cover half of the 33 pct premium, while reducing debt depends on a successful IPO of AXA’s U.S. arm. It’s a hefty price for diversification.

AIG’s $5.6 bln deal lacks sufficient cover

22 January 2018

New boss Brian Duperreault is paying a rich 46 pct premium for Validus. The tie-up gets the insurer into Lloyd’s, crops and reinsurance. But AIG won’t provide any details on cost cuts or projected returns. The worry is this sets a black-box precedent for bigger deals to come.

Signet’s gender defense rings hollow

28 February 2017

The jeweler’s acknowledgement of a 2008 class-action suit alleging pay discrimination helped push its stock down 13 pct. A muddy rejection of sexual harassment allegations didn’t help. Signet’s long-winded statement raises more questions than it provides reassurances.

IPO bankers unleash steady-as-she-goes sales pitch

12 December 2016

Athene's $1.1 bln debut came in the middle of the range and with a 10 pct pop. That may seem mediocre after the recent U.S. market rally. But Wall Street's equity sales teams have had a bad year. Proving they can crank out a textbook deal may be the best advert for a better 2017.

Agnellis nudging PartnerRe out of rival’s reach

20 July 2015

Exor, the Italian family’s investment vehicle, has a better offer for the Bermudan reinsurer than Axis. Common shareholders would get more money, in cash, and preferred stockholders extra assurances. A last-minute counter by Axis would hurt its and PartnerRe’s investors.

PartnerRe manages to cede high ground to Agnellis

5 May 2015

The Italian dynasty’s vehicle, Exor, has offered $6.4 bln for the Bermudan reinsurer. PartnerRe’s rigid board is sticking with a sweetened but lower-value merger with Axis. Exor’s hostile stance may put PartnerRe in play – as it probably should have been from the start.